R. S. Butola has taken over as Chairman of Indian Oil Corporation (IOC). He succeeds B. M. Bansal who retired on January 31.

Before joining IOC, Mr. Butola was the Managing Director of ONGC Videsh Ltd (OVL). Under his stewardship, OVL built a formidable portfolio comprising both discovered and producing assets in over 15 countries.

Similarly, the Government appointed Joeman Thomas as acting MD of OVL. Mr. Thomas is Director (Exploration) in OVL and will hold the additional charge of the company after Mr. Butola moved to IOC, according to an official statement here. Mr. Thomas became Director (Exploration) of ONGC Videsh in February 2007 and his responsibilities include exploration as well as acquisition of properties.

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